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The Florida Senate

2007 Florida Statutes

Members not personally liable; property of association held in trust; exempt from taxation.
Section 616.07, Florida Statutes 2007

616.07  Members not personally liable; property of association held in trust; exempt from taxation.--

(1)  No member, officer, director, or trustee of a fair association shall be personally liable for any of the debts of the association; and no money or property of a fair association shall be distributed as profits or dividends among its members, officers, directors, or trustees, but all money and property of the association shall, except for the payment of its just debts and liabilities, be and remain perpetually public property, administered by the association as trustee, to be used exclusively for the legitimate purpose of the association, and shall be, so long as so used, exempt from all forms of taxation, including special assessments.

(2)  Any public funds or property remaining in a fair association when the association is dissolved shall be distributed by resolution of the board of directors, upon order of the circuit judge to any county or any municipality within the county, and may provide in the distribution resolution the public project on which the funds shall be used or the use to which the property shall be put; however, where property has been contributed by a municipality or county, the property shall be reconveyed to the municipality or county making the contribution of said property.

History.--s. 5, ch. 7388, 1917; RGS 4523; CGL 6522; s. 2, ch. 29914, 1955; s. 1, ch. 57-745; s. 2, ch. 81-318; ss. 25, 26, ch. 83-239; ss. 9, 44, ch. 93-168; s. 18, ch. 99-391.